CLEAR LAKE OAKS, CALIF. — Colliers International has brokered the sale of Big Oaks Center, a mixed-use property located in Clear Lake Oaks in Northern California. Las Vegas-based Crystal View Capital sold the property to Redding, California-based Berg Family for $7.2 million. Totaling 98,811 square feet, Big Oaks Center features 78,845 square feet of self-storage space, 17,086 square feet of retail space and a 2,880-square-foot United States Postal Service location. Tom de Jong of Colliers International National Self Storage Group represented the seller in the deal. The purchase was partially completed via a 1031 exchange, with the balance financed by Five Star Bank.
AUSTIN, TEXAS — Marketplace Real Estate Group and joint venture partner Presidium Group have unveiled the full plans for Velocity, a 314-acre, 7 million-square-foot, mixed-use project in southeast Austin. The co-developers expect to break ground in early 2021. Velocity will be built in phases over 10 to 15 years. Ultimately it will feature an H-E-B grocery store; a total of 2,683 multifamily units; 2.9 million square feet of office space comprising two corporate campuses, along with traditional office properties; 585,000 square feet of flex industrial and creative office space; 310,000 square feet of retail, restaurants and a movie theater; and three hotels. The various assets will surround a seven-acre central park. Financing is in place to move forward with the project’s roads and the first apartment complex, Presidium Velocity, which will take approximately 18 months to build. Formerly branded Velocity Crossing, the property will be situated at the southwest corner of State Highways 71 and 130 within an opportunity zone. The site is also within the city of Austin’s Desired Development Zone and a Triple Freeport Zone, meaning businesses operating within the site can be exempt from paying taxes on inventory that leaves the state of Texas within 175 days. …
HOUSTON — Hines and 2ML Real Estate Interests plan to co-develop Levit Green, a mixed-use development in Houston that will span 52 acres. Situated adjacent to Texas Medical Center, the project will feature life science research facilities, office space, residences, retail space, restaurants, outdoor amenities and green space. Both Hines and 2ML are based in Houston. Hines is a private owner and developer, and 2ML was formerly known as The Grocers Supply Co. but sold off its grocery wholesale business and rebranded in 2014 to focus on its real estate assets. Joe Levit, founder of Grocers Supply, was an initial landowner for a portion of the Levit Green site. The co-developers hope that the project will prove to be a hub for the growing life sciences sector in Houston. Located three miles outside of the city’s central business district, the site has immediate access to State Highway 288, METRORail, METRO bus, bike trails and the planned TMC3 medical research campus. No construction timeline was given.
ATLANTA — Hunt Development Group has started construction of Phase I of Herndon Square, a 12-acre, mixed-use project in downtown Atlanta. Upon full build-out, the project will feature 700 residential units, 40,000 square feet of retail space and 20,000 square feet of community space open to the general public. The site is located on Northside Drive, approximately one mile north of Mercedes-Benz Arena, Philips Arena, Centennial Olympic Park and the other attractions in the heart of the city. The project, a redevelopment of the former Herndon Homes affordable community, will feature a mix of affordable and market-rate apartments and for-sale townhomes. Development costs are estimated at $166 million. Phase I of the project will include a five-story affordable housing building for seniors totaling 97 units, as well as an associated surface parking lot. Phase II will include a residential building and mixed-use building with a grocery store as the ground-floor anchor. Phase III will add another residential building and a second mixed-use building with ground-floor retail and apartments above, as well as the Herndon Green public outdoor area and a community supportive services building. Phase IV will add a final apartment building, while the fifth and final phase will add …
DENVER — Confluent Development and Kelmore Development, the Denver-based co-owners and co-developers of the project, have topped out Exchange at Boulevard One. The 200,000-square-foot, mixed-use project is located in Boulevard One, a 70-acre parcel in Denver’s Lowry neighborhood. The developers broke ground in April 2019 and completion of the initial phase, totaling 135,000 square feet, is slated for spring 2021. Located at Lowry Boulevard and Quebec Street, the infill development will feature 500 parking spaces, including a 231-stall underground garage. The project focuses on multimodal accessibility with a mobility hub for bicycle and scooter parking, pedestrian connectivity, electric car charging stations and nearby transit lines with connections to light rail. Brinkman Construction is serving as general contractor for the project, which Open Studio Architecture designed. The Denver Urban Renewal Authority and Lowry Redevelopment Authority are supporting the development.
ROGERS, ARK. — CapRocq Core 2 Real Estate Fund has sold Village on the Creeks, a 20-building, 220,153-square-foot retail and medical office complex in Rogers, for $32.3 million. The property was 93 percent leased to 66 tenants ranging from medical services to an art studio at the time of sale. The asset spans 22 acres along Interstate 49. The buyer was not disclosed, although the Northwest Arkansas Democrat Gazette reports the buyer is Ozre Capital. Kenai Capital Advisors and Colliers International | Arkansas represented the seller in the transaction.
NEW YORK CITY — A joint venture between Charney Cos. and Tavros Holdings has opened The Dime, a 350,000-square-foot mixed-use tower in the South Williamsburg neighborhood of Brooklyn. Located at 275 S. 5th St., the building features 177 luxury studio, one-, two- and three-bedroom apartments, as well as 100,000 square feet of office space and 50,000 square feet of ground-floor retail space. Multifamily rental prices start at $3,000 per month for studios and more than $7,000 per month for three-bedroom units. The 23-story tower incorporates the Dime Savings Bank building, which was originally constructed in 1908. Amenities include an acre of outdoor space with a community garden and basketball court, a fitness center, resident lounge and business center. MetroRock leases a 10,000-square-foot rock climbing gym on the ground floor. Fogarty Finger Architecture designed the building.
AUSTIN, TEXAS — Rastegar Property Co., a private real estate owner and developer, has purchased two parcels in South Austin for the development of a new mixed-use project. The sites are located at 505 and 507 W. Live Oak St. and are the final leg of a 2.5-acre land assemblage that began with Rastegar’s purchase of a site last September. In January, the company bought two sites at 508 and 511 W. Live Oak St. that totaled a little more than a half-acre for an undisclosed price. The new development will sit at the corner of South 1st Avenue and West Live Oak Street near Barton Springs Road. The site is a few blocks from South Congress Avenue, as well as Austin’s central business district. Michael McKinley of St. Croix Capital represented Rastegar in the latest land transaction. “Once we secured the hard corner, things began to fall into place,” says McKinley. “All parties worked diligently to overcome obstacles related to COVID-19 in order to complete this 2.5-acre assemblage, due to the high demand for development sites in Austin’s urban core.” While still in the planning stages, Rastegar has disclosed that the property will include residences, entertainment uses and a …
ATLANTA — A partnership of local developer Ackerman & Co. and MDH Partners will soon begin construction of an $85 million multifamily, office and retail expansion to the Lee + White retail property in Atlanta’s West End neighborhood. The partnership acquired the 11-building, 433,204-square-foot property from Stream Realty Partners in September 2019 and began redeveloping the former industrial property as a mixed-use dining and beverage destination. Atlanta-based Smith Dalia Architects is the master designer of the project. Development plans include the ground-up construction of a two-story glass structure featuring a 17,000-square-foot food and retail “collective” on the first floor and 18,000 square feet of loft offices on the second floor. The team will convert multiple warehouses on the property into 127,000 square feet of modern office space, as well as 250 multifamily units. Monday Night Brewing currently anchors the property with its 22,000-square-foot Monday Night Garage brewery and event space. Other tenants include Wild Heaven Beer, ASW Distillery, Cultured South Fermentation Co. and Hop City Craft Beer & Wine. All current tenants have been implemented into the master plan and will remain in their current spaces. The property is located directly along the Atlanta BeltLine’s Westside Trail, a 22-mile walking trail …
CHICAGO — The Habitat Co., along with James McHugh Construction Co. and Bowa Construction, have topped off a 50,000-square-foot office and retail building that marks Phase I of the $200 million Ogden Commons mixed-use project in Chicago’s North Lawndale neighborhood. The building, scheduled for completion in January, will house Steak n’ Shake, Ja’ Grill and Wintrust Bank on its ground floor. The second and third floors will include medical office space leased to Sinai Health System for outpatient services. Cinespace Chicago Film Studios will also lease office space on the second and third floors for its two nonprofit affiliates. Habitat formed a public-private partnership with Sinai Health System, Cinespace Chicago Film Studios, the Chicago Housing Authority (CHA) and the city of Chicago to develop the 10-acre block along Ogden Avenue. Upon completion, the project will include 120,000 square feet of commercial and retail space and more than 350 mixed-income housing units. The project site was formerly home to the CHA’s Ogden Courts and Lawndale public housing developments. Ogden Commons is being financed through a combination of debt and Opportunity Zone equity. PNC Bank funded $15 million of the $22 million development cost for Phase I. Construction of the residential component …